WSJ: How China’s New Cryptocurrency Could Challenge Libra

China is preparing to launch its own cryptocurrency, a move that could potentially lead to greater state control. WSJ’s Steven Russolillo takes a look at official documents to find out more about China’s plans.

China might begin limited tests of the digital currency/electronic payments, perhaps with corporate partners. As the country makes its push onto the world stage and grapples with possible US sanctions, this centrally-planned effort could shift the balance of financial power. And it’s something that few others have the wherewithal to pull off.

Libra is a “global currency and financial infrastructure”. In other words, it is a digital asset built by Facebook and powered by a new Facebook-created version of blockchain, the encrypted technology used by bitcoin and other cryptocurrencies.

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